BTC bulls perform on Tuesday
Welcome back! The No.1 crypto currency can break through the resistance at 11800 USD and the Dominance Index climbs above the 60% mark. Now even the annual high is coming within reach. At the same time the alternative assets have to take another setback. We take a look at the current market situation.
Bitcoin course in detail
At the time of writing, the Bitcoin is quoted at USD 11967, which represents a daily increase of 2.81%. This means that the bulls can break through the resistance at $11 800 USD and the signs for a sustained bull run could hardly be better. In addition, a trading volume of around USD 30 billion indicates that investors are showing great interest.
Why is the BTC price rising?
The current uptrend confirms the price gains from the previous week. The negative headlines around the OKEx payout stop caused the “digital gold” to fall by about USD 300 only for a short period of time and the CME gap at USD 11405 was not closed. Furthermore, the S&P 500 is currently playing into the cards of the market leader. On Tuesday, the index started with a plus of 0.48% after Alyssa Farah, for her part White House spokeswoman, made optimistic statements regarding the stimulus package. Due to the high correlation, the traditional markets have had a major impact on the digital currencies in recent months. However, a jump above the USD 12,000 mark could be accompanied by an encapsulation.
Where do we go from here?
The cops are starting their first attack on the Long-Term Resistance at USD 12,000 in these minutes. In the previous months, we have seen time and again that the bulls have had to take enormous ricochets here. Should this barrier fall, a new annual high would even be possible. Currently, the annual high is USD 12359. From a bearish perspective, the trend line at USD 11800 mutates into a new support level. Further down the line the support lines at 11600 USD and 11500 USD follow.
Bitcoin Dominance Index climbs above the 60% mark
The Altcoins are further ambushed on Tuesday. At the time of this article, the BTC Dominance Index is at 60.4%. Due to the current upward trend of the First Mover, investors are increasingly focusing on the leading crypto currency, which is presenting itself as a stable port. At the same time, hopes for an Altcoins Season are fading. It is uncertain when Ethereum will make the long-awaited change from Proof of Work to Proof of Stake and projects like Libra may never make it to the block chain exchanges of this world.
Ethereum and Co. cannot follow
The Smart Contract-Coin has to record a daily minus of 3.22 % on Tuesday. This means that ETH is saying goodbye to the important 400 USD mark for the time being. A picture that runs through the entire Top 10. The old coins cannot participate in the slipstream of the BTC today. The eyes of the crypto traders are focused on the showdown at the 12000 USD mark, while the Altcoins are fighting for important market shares in the background.